I think it's early to looking at Euro financials. RBS is on the brink of disaster, and Europe needs to do something more than guarantee bank deposits to create any confidence. They haven't even entered the first inning of the cleanup phase.
OTOH, most of the systemic problems in the US have been fairly well addressed. WB is still up in the air, and there are still some bad earnings to get through this month. Fortuntely, the US has set up most of the backstops to prevent a free fall. Hopefully, we can just grit our teeth and get through the fourth quarter without any more disasters. |
